Costco Wholesale Corporation (COST) Margin Analysis

Costco Wholesale Corporation

COST (NASDAQ)

(%)

Models
Costco Wholesale Corporation Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 21	2025 Aug 31	2024 Sep 01	2023 Sep 03	2022 Aug 28
Revenue	286,265	275,235	254,453	242,290	226,954
Revenue Growth Rate	4.01%	8.17%	5.02%	6.76%	15.83%
Cost of Revenue	249,262	239,886	222,358	212,586	199,382
Gross Profit	37,003	35,349	32,095	29,704	27,572
Gross Margin	12.93%	12.84%	12.61%	12.26%	12.15%
Operating Income	10,940	10,383	9,285	8,114	7,793
Operating Margin	3.82%	3.77%	3.65%	3.35%	3.43%
Net Income	8,549	8,099	7,367	6,292	5,844
Net Margin	2.99%	2.94%	2.9%	2.6%	2.57%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 21	2025 Aug 31	2024 Sep 01	2023 Sep 03	2022 Aug 28
Revenue	286,265	275,235	254,453	242,290	226,954
Cash from Operating Activities	15,011	13,335	11,339	11,068	7,392
Cash from Operating Activities Margin	5.24%	4.84%	4.46%	4.57%	3.26%
Free Cash Flow	9,099	7,837	6,629	6,745	3,501
Free Cash Flow Margin	3.18%	2.85%	2.6%	2.78%	1.54%
Depreciation and Amortization	2,520	2,426	2,237	2,077	1,900
Depreciation and Amortization Margin	0.88%	0.881%	0.879%	0.857%	0.837%
Capital Expenditure	-5,912	-5,498	-4,710	-4,323	-3,891
Capital Expenditure Margin	-2.07%	-2%	-1.85%	-1.78%	-1.71%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-08-28", "y": 12.15}, {"l": "2023", "x": "2023-09-03", "y": 12.26}, {"l": "2024", "x": "2024-09-01", "y": 12.61}, {"l": "2025", "x": "2025-08-31", "y": 12.84}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-08-28", "y": 3.43}, {"l": "2023", "x": "2023-09-03", "y": 3.35}, {"l": "2024", "x": "2024-09-01", "y": 3.65}, {"l": "2025", "x": "2025-08-31", "y": 3.77}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-08-28", "y": 2.57}, {"l": "2023", "x": "2023-09-03", "y": 2.6}, {"l": "2024", "x": "2024-09-01", "y": 2.9}, {"l": "2025", "x": "2025-08-31", "y": 2.94}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-08-28", "y": 1.54}, {"l": "2023", "x": "2023-09-03", "y": 2.78}, {"l": "2024", "x": "2024-09-01", "y": 2.61}, {"l": "2025", "x": "2025-08-31", "y": 2.85}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2026 (Q2) Feb 15	2026 (Q1) Nov 23	2025 (Q4) Aug 31	2025 (Q3) May 11	2025 (Q2) Feb 16	2025 (Q1) Nov 24
Revenue	69,597	67,307	86,156	63,205	63,723	62,151
Revenue Growth Rate	3.4%	-21.88%	36.31%	-0.813%	2.53%
Cost of Revenue	60,719	58,510	75,037	54,996	55,744	54,109
Gross Profit	8,878	8,797	11,119	8,209	7,979	8,042
Gross Margin	12.76%	13.07%	12.91%	12.99%	12.52%	12.94%
Operating Income	2,606	2,463	3,341	2,530	2,316	2,196
Operating Margin	3.74%	3.66%	3.88%	4%	3.63%	3.53%
Net Income	2,035	2,001	2,610	1,903	1,788	1,798
Net Margin	2.92%	2.97%	3.03%	3.01%	2.81%	2.89%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2026 (Q2) Feb 15	2026 (Q1) Nov 23	2025 (Q4) Aug 31	2025 (Q3) May 11	2025 (Q2) Feb 16	2025 (Q1) Nov 24
Revenue	69,597	67,307	86,156	63,205	63,723	62,151
Cash from Operating Activities	2,996	4,688	3,867	3,460	2,748	3,260
Cash from Operating Activities Margin	4.3%	6.97%	4.49%	5.47%	4.31%	5.24%
Free Cash Flow	1,707	3,162	1,901	2,329	1,611	1,996
Free Cash Flow Margin	2.45%	4.7%	2.21%	3.69%	2.53%	3.21%
Depreciation and Amortization	597	597	774	552	552	548
Depreciation and Amortization Margin	0.858%	0.887%	0.898%	0.873%	0.866%	0.882%
Capital Expenditure	-1,289	-1,526	-1,966	-1,131	-1,137	-1,264
Capital Expenditure Margin	-1.85%	-2.27%	-2.28%	-1.79%	-1.78%	-2.03%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2025 (Q1)", "x": "2024-11-24", "y": 12.94}, {"l": "2025 (Q2)", "x": "2025-02-16", "y": 12.52}, {"l": "2025 (Q3)", "x": "2025-05-11", "y": 12.99}, {"l": "2025 (Q4)", "x": "2025-08-31", "y": 12.91}, {"l": "2026 (Q1)", "x": "2025-11-23", "y": 13.07}, {"l": "2026 (Q2)", "x": "2026-02-15", "y": 12.76}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2025 (Q1)", "x": "2024-11-24", "y": 3.53}, {"l": "2025 (Q2)", "x": "2025-02-16", "y": 3.63}, {"l": "2025 (Q3)", "x": "2025-05-11", "y": 4}, {"l": "2025 (Q4)", "x": "2025-08-31", "y": 3.88}, {"l": "2026 (Q1)", "x": "2025-11-23", "y": 3.66}, {"l": "2026 (Q2)", "x": "2026-02-15", "y": 3.74}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2025 (Q1)", "x": "2024-11-24", "y": 2.89}, {"l": "2025 (Q2)", "x": "2025-02-16", "y": 2.81}, {"l": "2025 (Q3)", "x": "2025-05-11", "y": 3.01}, {"l": "2025 (Q4)", "x": "2025-08-31", "y": 3.03}, {"l": "2026 (Q1)", "x": "2025-11-23", "y": 2.97}, {"l": "2026 (Q2)", "x": "2026-02-15", "y": 2.92}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2025 (Q1)", "x": "2024-11-24", "y": 3.21}, {"l": "2025 (Q2)", "x": "2025-02-16", "y": 2.53}, {"l": "2025 (Q3)", "x": "2025-05-11", "y": 3.68}, {"l": "2025 (Q4)", "x": "2025-08-31", "y": 2.21}, {"l": "2026 (Q1)", "x": "2025-11-23", "y": 4.7}, {"l": "2026 (Q2)", "x": "2026-02-15", "y": 2.45}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}